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Australia and New Zealand Banking Group said on Friday that the country's corporate regulator has launched civil penalty proceedings against the bank, joining a similar action by Australia's competition regulator earlier, over its 2015 stock placement.

PHOTO: REUTERS

[BENGALURU] Australia and New Zealand Banking Group said on Friday that the country's corporate regulator has launched civil penalty proceedings against the bank, joining a similar action by Australia's competition regulator earlier, over its 2015 stock placement.

ANZ said in a statement that the Australian Securities and Investments Commission alleged that the bank should have informed the market that the appointed joint lead managers had taken up about 25.5 million shares of the placement.

"ANZ's disclosure in relation to the placement was in accordance with its ASX disclosure obligations as well as market practice and we are defending the matter," chief risk officer Kevin Corbally said.